> For the complete documentation index, see [llms.txt](https://docs.openbullion.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.openbullion.com/knowledge/markets/where-do-precious-metals-trade/comex.md). # COMEX The COMEX, or the Commodity Exchange, is a division of the Chicago Mercantile Exchange (CME Group), which is one of the largest and most influential derivatives and futures exchange operators in the world. The COMEX is specifically focused on the trading of [metals futures](/knowledge/definitions/precious-metals/gold/gold-futures.md) and options contracts, including precious metals such as gold, silver, copper, and aluminum. ## **History** The COMEX was founded in 1933 as the Commodity Exchange, Inc. It later became part of the New York Mercantile Exchange (NYMEX) before being acquired by the CME Group in 2008. It retained its distinct identity within the CME Group as the COMEX. ## **Metals traded** The primary commodities traded on the COMEX are metals, with a strong emphasis on precious metals: * [**Gold Futures**](/knowledge/definitions/precious-metals/gold/gold-futures.md)**:** Gold futures contracts are one of the most actively traded commodities on the exchange. They allow traders to speculate on the future price of gold. * [**Silver Futures**](/knowledge/definitions/precious-metals/silver/silver-futures.md)**:** Similar to gold, silver futures contracts enable traders to speculate on the future price of silver. * **Copper Futures:** Copper is an industrial metal, and COMEX offers copper futures contracts, which are influenced by factors like global demand and economic conditions. * **Aluminum Futures:** Aluminum futures contracts are also traded on the COMEX. ## **Contract specifications** Each metal futures contract on the COMEX has specific contract specifications, including contract size, tick size, trading hours, and delivery requirements. For example, one gold futures contract typically represents 100 troy ounces of gold. ## **Price discovery** The COMEX serves as a significant global hub for price discovery of precious metals. Prices established in the futures markets, such as those on the COMEX, are closely watched and influence the global prices of these metals. ## **Market participants** Participants in the COMEX market include speculators, hedgers, and institutional investors. Hedgers use futures contracts to manage price risk, while speculators seek profit opportunities through price fluctuations. ## **Trading hours** {% hint style="info" %} Please note that all hours below are in Eastern Time, GMT-4 {% endhint %} COMEX trading hours can vary slightly depending on the specific contract and whether it's the open-outcry session or the electronic trading session. ### [**Gold futures**](/knowledge/definitions/precious-metals/gold/gold-futures.md) **(GC)** * Open-Outcry Session: Generally, this session starts at 8:20 AM (Eastern Time) and ends at 1:30 PM (Eastern Time). * Electronic Trading Session (Globex): The electronic trading session for gold futures typically runs from Sunday evening at 6:00 PM (Eastern Time) through Friday evening at 5:15 PM (Eastern Time) with a daily trading halt from 5:15 PM to 6:00 PM (Eastern Time). ### [**Silver futures**](/knowledge/definitions/precious-metals/silver/silver-futures.md) **(SI)** * Open-Outcry Session: The open-outcry session typically follows a similar schedule to gold, starting at 8:20 AM (Eastern Time) and ending at 1:25 PM (Eastern Time). * Electronic Trading Session (Globex): Electronic trading for silver futures generally operates from Sunday evening at 6:00 PM (Eastern Time) to Friday evening at 5:15 PM (Eastern Time) with a daily trading halt from 5:15 PM to 6:00 PM (Eastern Time). ## **Delivery** While many traders close out their futures positions before the expiration date, some contracts on the COMEX are physically settled. This means that upon expiration, the seller must deliver the underlying metal, and the buyer must take delivery. Detailed delivery rules and procedures are established for each metal. ## **Regulation** The COMEX, like other commodity exchanges in the United States, is subject to oversight by regulatory authorities, including the Commodity Futures Trading Commission (CFTC). ## **Global impact** The prices established on the COMEX have a significant impact on the global markets for precious metals. They are widely referenced by miners, refiners, jewelers, financial institutions, and governments. In summary, the COMEX is a prominent commodities exchange specializing in the trading of metals futures and options contracts, particularly precious metals like gold and silver. It plays a vital role in global price discovery and risk management for participants in the metals industry. *** *Be sure to* [*submit your email address*](https://forms.gle/uheniL7fQikAuisD9) *to receive product and service updates from OpenBullion.* --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.openbullion.com/knowledge/markets/where-do-precious-metals-trade/comex.md?ask= ``` The question should be specific, self-contained, and written in natural language. 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